Commercial Real Estate

Solutions

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Contents

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Company OverviewSitus is the premier global real estate advisory firm with more than 25 years of experience providing commercial real estate, debt advisory and asset management services to investors, financial institutions and government entities.

We offer our strategic partners best in class due diligence, credit administration, loan underwriting, portfolio & CMBS surveillance, primary & special servicing, asset management, REO disposition and staff augmentation solutions.

Our unique platform offers a real estate centric end-to-end solution that can be strategically leveraged and customized to meet short-term project requirements, or support long term operational objectives.

Our strategy focuses on the continued investment in our comprehensive platform and the acquisition or management of our client’s non-core and non-strategic business enterprises. Our success continues to be defined by our ability to offer rapidly-deployed, fully-integrated solutions that meet our partners’ objectives. Headquartered in Houston, Texas, Situs has a global presence with 11 offices spanning the globe.

In recent years, Situs US has been involved with one trillion+

dollars of CRE-related transactions and is rated as Special and Primary loan servicer by Fitch Ratings, Standard and Poors’ and approved by Moody’s. Additionally, Situs Europe has advised on over €70 billion of real estate and debt related servicing services on a portfolio of over €20 billion.

Company Overview 2

Services 3

Global, Experienced, Resourceful, and Flexible Thought LeadersSitus, a Ranieri Partners Company The premier provider of commercial real estate loan advisory services and integrated process solutions. We offer a full complimentary suite of professional advisory services, and a customized service model to meet the high demands of our clients and partners.

Commercial Real Estate AdvisorySitus is recognized as a trusted advisor with deep commercial real estate experience, spanning multiple market cycles and all property types across North America and Europe. Our core client base consists of the commercial real estate finance industry and equity owners, who desire real insight into property and market dynamics. As a pioneer in Commercial Mortgage Backed Securities (CMBS), Situs provides strategic solutions that mitigate transaction, portfolio and business operational risk.

Situs’ business model is flexible, and our team of experienced commercial real estate professionals understands the challenges of the most complex real estate evaluations, due diligence and loan underwriting engagements. Our success continues to be attributed to our unwavering commitment to exceed our clients’ expectations. Others can say they are client focused, but few can demonstrate our track record.

Situs ExpertiseOur professionals have diverse backgrounds in banking, valuation, development, accounting, loan servicing, asset management, architecture, engineering and law.

Commercial Real Estate Advisory• Due Diligence & Loan Underwriting• Financial/Accounting Due Diligence• GSE & Multifamily Advisory• Lease & Loan Abstracting

Back Office Fulfillment• Data Aggregation and Due Diligence• Credit Administration Support• Document Management/Imaging/Indexing

Primary Servicing & Surveillance• Portfolio Management• Surveillance and Warehouse Line Management

CRE Specializations• Due diligence and loan underwriting• Financial Modeling• Securitization Support• Accounting services• Asset management/loan workouts• Acquisitions and dispositions support

Bank & Loan Advisory• Bank Recapitalization and M&A• Loan Advisory Advisory Services Include:

Special Servicing• CMBS Special Servicing and Non-Performing Loan • Asset Management• Operating Advisor

Staffing Solutions• Professional recruiting and staffing services• Interim and permanent placement• Off balance sheet employee management• On-site and off-site staffing• Multilingual capabilities

Technology• Insight• Closer• Midas

Due Diligence & Loan UnderwritingSitus is a pioneer in the CMBS industry, providing outsourced commercial real estate collateral evaluation, due diligence and underwriting services. Through our in-depth understanding of loan origination, credit risk analysis, and the securitization process, we have become the preeminent advisor for the commercial real estate finance industry; providing clients’ the ability to strategi-cally leverage a diverse platform of real estate and capital markets professionals.

Situs’ due diligence and loan underwriting group is strategically located throughout the US and Europe, providing clients with local market insight, on a global scale.

• CMBS, Portfolio and Syndicated

• Subordinated Debt StructureAnalysis & Evaluations

• Portfolio Collateral EvaluationsTransactional Support

• Feasibility & Market Studies

• Technical Services Administration(Environmental, Property Conditionand Appraisal)

• High Yield, Preferred Equity and Participation Transaction Analysis

• Debt & Property Cash Flow Modeling

• Property Inspections, and Competitive Benchmarking Analysis

• Borrower Experience and Credit Reviews

• Credit Memorandum and AssetSummary Preparation

Advisory Solutions Include:

GSE & Multifamily Advisory Situs’ GSE & Multifamily Advisory group is a specialized practice area exclusively dedicated to the multifamily apartment industry. Our team of qualified professionals has experience in all aspects of multifamily, including development, management, leasing, accounting, valuation and principal ownership. Our clients represent the GSEs, Fannie Mae DusTM Lenders and Freddie Mac Program PlusTM Seller/Servicers, as well as individual property owners.

Situs has experience with current GSE programmatic guidelines that span the spectrum from market rate, to affordable, student and senior housing. Our multifamily advisory services are engaged as a one-off transaction and/or as part of a suite of professional services to meet the client’s business objectives. Certain surveillance and accounting services are also provided as an on-going service for clients looking to outsource back office risk mitigation functions.

• Conventional and GSE Loan Underwriting

• Property Inspections and Competitive Benchmarking Analysis

• Borrower Experience and Credit Reviews

• Credit Memorandum and Asset Summary Preparation

• Portfolio Collateral Evaluations & Transactional Support

• Feasibility & Market Studies

• Technical Services Administration (Environmental, Property Condition and Appraisal)

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Advisory Solutions Include S.W.A.T. for Multifamily PropertiesSurvey, Walk-through, Audit and Test for buyers, borrowers and lenders of multifamily properties, Situs offers a specialized inspection service known as “S.W.A.T.” The “Survey, Walk through, Audit and Test” process is designed to help clients quickly evaluate multifamily properties for a variety of purposes including lending, acquisition, valuation and litigation support.

• Door-by-door assessment of unit quality, condition and deferred maintenance

• Property and building assessment of the quality, condition deferred maintenance

• Audit and review of Tenant Lease Files, reconciling completeness and rent roll discrepancies

• Interview and assessment of on-siteoperations and management

• Competitive rental survey and benchmarking analysis

Lease & Loan AbstractingSitus’ team of highly experienced lease and loan document experts deliver real time solutions for transaction and process based abstracting engagements. Our professionals have experience with all property and mortgage related document types. The group was originally part of our Financial/Accounting and Loan Underwriting Due Diligence Teams; however, due to client demand the service has grown organically into a standalone business.

Our abstracting services are engaged as a one-off transaction and/or as part of a suite of professional services to meet the client’s business objectives. Our lease administration services are also provided as an on-going service for clients looking to outsource certain back office functions for their on-going accounting needs.

• Tenant Leases ( Retail, Office, Industrial, Multifamily)

• Financial & Management Contracts

• Occupancy and Co-tenancy reconciliation

• Reciprocal Easement Agreements

• Rent Roll Reconciliation

• Estoppels Reconciliation

• CAM Best Practices Audit

• Estoppel/SNDA Preparation

• Client Software and Lease Data Entry/Migration

• Loan Documents (Conduit and Portfolio commercial loans, Syndications and Participations)

• Servicing Agreements

Abstracting Services Include

Advisory Solutions Include:• Agreed upon procedures• Financial statement due diligence• FAS 141 purchase price allocation• Third party report management and evaluation• Sales and leasing market data analysis• ARGUS modeling• Construction cost testing

Financial Support Services• CAM and tax recovery reconciliation• Financial reporting• Accounts payable and receivable analysis and management • Cash management and bank reconciliation• Accounting system migration

Bank & Loan AdvisorySitus’ Bank & Loan Advisory Group serves as a trusted advisor and partner to global investment banks, financial advisors, and government regulators. In addition we partner with regional and community banks, loan intermediaries and servicers; as well as with investors active in bank recapitalization, M&A, and loan portfolio acquisitions and sales.

From 2008 through 2011, Situs served as the primary CRE Special Servicer for the FDIC, managing over 4,000 assets associated with over 50 receiverships.

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Situs’ financial due diligence group are experts in understanding the nuances of commercial property operations. With deep experience in accounting and real estate valuation, finance and real estate professionals come to rely on the Situs team to perform confirmatory due diligence and risk mitigation for acquisition, lending and/or litigation support.

Our financial due diligence services are engaged as a one-off transaction and/or as part of a suite of professional services designed to meet our client’s business objectives. These audit services are also provided as an on-going service for clients looking to outsource certain back office functions to satisfy their on-going accounting needs

Financial Accounting & Due Diligence

Bank Recapitalization and M&ASitus has developed an industry-leading perspective for providing balanced and thoughtful third party loan reviews, valuations and probable loss analyses. Our team of experienced professionals has supported hundreds of investment banking transactions, in excess of $100 billion. We have direct experience in most aspects of credit, lending, capital markets, asset management, disposition and the resolution of bank assets.

The “Situs-Report” has become an industry-recognized analyses for banks considering recapitalization as well as M&A, and a necessary objective document as well for the investment community. Additionally, our actual experience and insight managing and liquidating bank assets go well beyond the standard text book methodology when it comes to truly understanding a bank’s portfolio.

Back Office SolutionsStrategic, Low Cost, Financial Services Fulfillment. The current business environment for banking and financial institutions is characterized by the need to aggressively manage costs and risks, while continuing to innovate, by developing new products and services. Situs’ fulfillment group provides clients with a strategic option for achieving high performance.

We accomplish this by offering, value-rich solutions, while providing lower cost, and lower risk outsourcing options. Our core competency is the banking and financial services industry, with focused practice areas in commercial and residential real estate and asset backed lending.

Our expertise across the banking and financial services industry assists clients in managing risk, complying with regulations, and managing business transformation challenges—while solving a need for a lower costs variable staffing model.

Situs’ differentiated approach focuses on delivering the highest quality service available in the BPO and KPO market. Based in Robbins, North Carolina, our back office fulfillment center boosts high employee retention, developing extensive domain expertise with disciplined processes, and flexibility with technology-based solutions.

Services include:Data Aggregation & Due Diligence• Buy/sell transaction support• Data tape creation/verification• Database population, audit and migration• Data conversions and loan boarding/set up

Document Management/Imaging/Indexing• Full imaging and indexing capabilities• Document exception management• Tracking, storage and retention• Process workflow engineering

Credit Administration Support• Loan assumption/borrower transaction underwriting• Covenant and trigger analysis/testing• Loan risk rating, property and obligor analysis• Property and obligor financial statement analysis

Real Estate Accounting Support• CAM expenses reconciliations• Lease management/administration• Accounts payable/expense audits• Construction/reserve administration

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Loan AdvisorySitus delivers a unique perspective on loan portfolios, serving both buyers and sellers in the US and Europe. We draw from deep experience in property valuation, loan servicing, asset management/workouts and dispositions, which is supported by a keen awareness of the dynamics at play in the capital markets.

Our valuation approach starts with establishing the true value of the underlying collateral; we then everage our experience with real world borrower behavior, jurisdictional nuances, as well as our active role in both the US and European loan sale markets to provide a local perspective on value trends. We then employ our expertise of the capital markets to gain perspective on loan structures, underwriting trends, geographic areas, and institutional behavior to provide a comprehensive view of collateral value.

In Europe, Situs was one of the five loan valuation firm’s to assist NAMA, the National Asset Management Agency, established by the Irish government to house loans from the six banks covered by governmental guarantees.

Situs has been involved as an advisor to banks, private equity firms and REITs in the vast majority of prominent portfolio loan sales that have come to market in recent years, in both the US & Europe.

• Third Party Loan Portfolio Review (CRE, C&I Residential and Consumer assets) Various services in advance of Capital Raises, External Reviews & Audits

• Structured Finance Review (ABS, MBS, CMBS, CMOs)

• Ongoing Portfolio Services (Loan Reviews, Credit Migration)

• Loan Disposition Strategies (Performing and Non-Performing)

• JV and Limited Partnership Valuations

• Portfolio Stress Testing & ALLL Adequacy Reviews

• Compliance Review

• Loan and Property Cash Flow Modeling

• Document & File Management

• Data Tape Creation

• Asset Summary Presentations

• Technical Services Administration (Environmental, Property Condition and Appraisal)

Advisory Services Include:

Primary Servicing & SurveillanceSitus Asset Management is a leading provider of primary servicing for investors who require superior commercial real estate insight, across all property types in the US and Europe. Our clients and partners typi-cally retain credit risk in senior and subordinate loan structures, includ-ing mezzanine, A/B subordinated positions, participations, collateralized debt obligations (CDOs) and commercial mortgage-backed securities (CMBS).

Primary Loan ServicingSitus provides primary loan servicing and surveillance for performing, sub-performing and non-performing commercial real estate loans. Our experience spans multiple market cycles, and all property types. Our cli-ents generally consist of insurance companies, private equity, opportu-nity and hedge funds, which retain credit risk, and require a higher level of CRE asset management experience, and/or private labeling customer support. Situs has extensive experience with small balance non-perform-ing loan portfolios, as well as complex multiple property large loans.

Special ServicingSitus’ Asset Management team has nearly three decades of loan workout experience spanning multiple market cycles and all property types in the US, Europe and Asia. Originally establishing the GMAC Commercial Mort-gage platform in 1996 and Helios AMC in 2007, our veteran commercial real estate professionals have managed over $16 billion in CRE assets in the U.S., €6 billion in Europe and have been named special servicer on over $100 billion in securitized loans.

From 2008 through 2011, Situs also served as the primary CRE Special Servicer for the FDIC, managing over 4,000 assets associated with over 50 receiverships.

CMBS Special Servicing and Non-Performing Loan Asset ManagementSitus’ offers a comprehensive suite of integrated, customizable services to support distressed debt acquisition, management and disposition. Our corporate culture of independence, transpar-ency and integrity, permits us to focus on maximizing the recovery for our clients and partners. We achieve superior results through our skill as active distressed debt asset managers, not sim-ply passive financial engineering. Executing our strategy over multiple market cycles across the global markets and all asset classes, our managing of CMBS & NPL portfolios provides insight into “real time” market color of property and market dynamics. Our deep network of market specific professionals provides a competitive advantage in the acquisition and management of distressed assets.

Situs’ asset management team leverages the experience of our primary servicing and CRE advi-sory practices to support the management of performing, sub-performing, non-performing loans and equity portfolios. Our services include, loan-specific re-underwriting to assist in the manage-ment of loan maturities and potential default situations and direct REO operating, re-positioning and liquidation management. Time-tested and rigorous property-level analysis, business plan diligence and investment review processes developed in the course of completing thousands of transactions worldwide enable us to identify and manage potential risks to the benefit of our clients and partners.

With European offices in London, Dublin, Copenhagen and Frankfurt, Situs provides our clients global experience and expertise, tempered by the needs and practices of the local market. Our skill set and capabilities also address the needs of financial institutions, by advising on market leading loan portfolio transactions.

• Loan level oversight on individual defaulted loans• Maintain and monitor large-scale databases and quantitative loan• Provide secure database with active redundancy• Performance analytics• Provide subject matter experts with significant conflict management resolution expertise

Operating AdvisorAs a trusted Advisor, providing oversight and consultative services to CMBS trusts.

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Basic Services includeCash collections and disbursementsAssets and borrower request managementCash managementEscrow and Reserve administrationFinancial statement managementProperty InspectionsCustomized investor reporting

Portfolio ManagementSitus has created a relationship-based structure whereby asset managers are assigned as the single point-of-contact enhancing customer service and providing the highest level of oversight for the following activities:• Borrower-initiated requests: modifications, consents, waivers, assumptions (due on sale / encumbrance)• Lease review and analysis• Special servicer liaison• Reserve and draw disbursement oversight• Watch list and covenant monitoring pursuant to loan and servicing agreement• Construction loan administration and draw requests.

Surveillance and Warehouse Line ManagementSitus’ commercial real estate centric platform provides a unique infrastructure to deliver detailed property and loan level surveillance on a monthly and quarterly basis. Our tenured real estate professionals provide deep experience across all property types and markets. Supported by our advisory staff, and our own proprietary commercial market data portal, Situs InsightTM, we offer unparalleled research that supports our surveillance activities.• Property performance analysis and valuation• Tenant monitoring and review• Confirmatory due diligence and re-underwriting• Market surveys and feasibility studies• Quarterly asset reports • Client investment committee preparation and review

Staffing SolutionsFor over a decade, Situs has delivered strategic commercial real estate focused staffing alternatives. Situs has created flexible options to address variable staffing requirements for both short-term work flow and long-term corporate hiring challenges. Our competitive advantage lies in the scope of services we offer through our complimentary business lines, our industry expertise and relationships in both the U.S and Europe.In collaboration with our clients we can deploy customized platform solutions focused on specific business goals and objectives.

Our services Include:Professional recruiting and staffing servicesInterim and permanent placementOff balance sheet employee managementOn-site and off-site staffingMultilingual capabilities

CRE Specializations•Due diligence and loan underwriting•Financial Modeling•Securitization Support •Accounting services•Asset management/loan workouts•Acquisitions and dispositions support

TechnologySitus is committed to the identification, development and deployment of industry leading technologies that enhance industry standardization, data transparency and business process efficiencies.

Situs has a history of developing strategic alliances with companies that have developed transformational data management, analytical and risk centric tools. The use of these technology platforms has given Situs a superior advantage in capturing real time commercial real estate data. This information is relied on by our professionals to develop a deep understanding of the markets we serve, and the economic and jurisdictional factors impacting commercial real estate values.

HOUSTON, TX 4665 Southwest Freeway Houston, TX 77027 Phone: (713) 328-4400 Fax: (713) 355-5882

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